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AICPA FAR (FAR) Practice Tests & Test Prep by Exam Edge - Review



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AICPA Financial Accounting and Reporting - Reviews


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Based on 140 reviews

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See why our users from 154 countries love us for their exam prep! Including 140 reviews for the AICPA FAR exam.

Exam Edge is an industry leader in online test prep. We work with institutional partners to offer a wide array of practice tests that will help you prepare for your big exam. No matter how niche your field of interest might be, we're here to help you prepare for test day.

   Excellent -- Based on 140 reviews

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AICPA Financial Accounting and Reporting - Test Reviews Sample Questions

Which of the following best defines Extensible Business Reporting Language (XBRL)?

Correct Answer:
is an xml-based language being developed specifically for the automation of business information requirements


extensible business reporting language (xbrl) is best defined as an xml-based language that is specifically developed for automating the requirements of business information. this definition encapsulates the core purpose of xbrl, which is to standardize and simplify the process of reporting business and financial information electronically.

the development of xbrl aims to provide a uniform method to describe financial data that can be used by both machines and humans. it facilitates the efficient preparation, sharing, and analysis of financial reports, statements, and audit schedules. the structured format of xbrl allows for enhanced data accuracy and reliability, making it easier for analysts, investors, and regulatory bodies to compare financial information across different entities and time periods.

one of the significant applications of xbrl is in regulatory filings with government bodies such as the securities and exchange commission (sec) in the united states. companies are required to submit their financial statements in xbrl format to the sec, which are then made available on edgar (electronic data gathering, analysis, and retrieval system). this system allows the public to access and review the financial filings of companies, thereby promoting transparency and accountability in financial reporting.

furthermore, xbrl's role extends beyond just regulatory compliance. it is increasingly being adopted globally for various business communication purposes. by automating business reporting processes, xbrl reduces the time and cost associated with manual data entry and analysis, thus enhancing business intelligence and decision-making capabilities.

in summary, xbrl is a powerful xml-based language developed to automate and standardize the business reporting process. it is crucial for financial transparency, regulatory compliance, and efficient business management, making it an essential tool in the realm of financial and business reporting.